Skip to main content

We use cookies to distinguish you from other users and to provide you with a better experience on our websites. Close this message to accept cookies or find out how to manage your cookie settings.

Close cookie message
Cancel
×
×
Home
  • Home
Chapter
  • Print publication year: 2007
  • Online publication date: June 2012

20 - The Market as a Creative Process

Export citation
Summary

James M. Buchanan (1919–) is Advisory General Director of the Center for the Study of Public Choice and Harris University Professor at George Mason University. He received his Ph.D. from the University of Chicago, and he is best known for his work in political economy. He was awarded the Nobel Prize for Economics in 1986 in recognition of his work analyzing economic and political decision making.

Viktor J. Vanberg (1943–) is Professor of Economics at George Mason University and coeditor of the journal Constitutional Political Economy. He received doctorates from the Technische Universität in Berlin and the University of Mannheim. His research focuses on the economics of institutions and on political economy.

Had Pyrrhus not fallen by a beldam's hand in Argos or Julius Caesar not been knifed to death? They are not to be thought away. Time has branded them and fettered they are lodged in the room of the infinite possibilities they have ousted. But can those have been possible, seeing that they never were? Or, was that only possible which came to pass?

James Joyce

Introduction

Contributions in modern theoretical physics and chemistry on the behavior of nonlinear systems, exemplified by Ilya Prigogine's work on the thermodynamics of open systems (Prigogine and Stengers, 1984), attract growing attention in economics (Anderson, Arrow, and Pines, 1988; Arthur, 1990; Baumol and Benhabib, 1989; Mirowski, 1990; Radzicki, 1990). Our purpose here is to relate the new orientation in the natural sciences to a particular nonorthodox strand of thought within economics.

Recommend this book

Email your librarian or administrator to recommend adding this book to your organisation's collection.

The Philosophy of Economics
  • Online ISBN: 9780511819025
  • Book DOI: https://doi.org/10.1017/CBO9780511819025
Please enter your name
Please enter a valid email address
Who would you like to send this to *

CAPTCHA *

Skip to the audio challenge
×
References
Allen, Peter M. 1985. “Towards a New Science of Complex Systems.” In The Science and Praxis of Complexity, by Aida, S.. Tokyo: The United Nations University, pp. 268–97.
Allen, Peter M. 1988. “Evolution, Innovation and Economics.” In Technical Change and Economic Theory, ed. Dosi, G., Freeman, C., Nelson, R., Silverberg, G., and Soete, L.. London: Pinter Publishers Ltd., pp. 95–119.
Anderson, Philip W., Kenneth, J. Arrow, and Pines, David (editors). 1988. The Economy as an Evolving Complex System. New York: Addison-Wesley.
Arthur, W. Brian. 1990. “Positive Feedbacks in the Economy.” Scientific American 262: 92–9.
Barry, Norman. 1982. “The Tradition of Spontaneous Order.” The Literature of Liberty 5:7–58.
Baumol, William, and Benhabib, Stephen. 1989. “Chaos: Significance, Mechanism, and Economic Applications.” Journal of Economic Issues 3:77–106.
Buchanan, James M. 1969. Cost and Choice: An Inquiry in Economic Theory. Chicago: Markham Publishing Company.
Buchanan, James M. 1977. “Politics and Science.” In Freedom in Constitutional Contract, by Buchanan, J. M.. College Station: Texas A&M University Press, pp. 64–77.
Buchanan, James M.. 1982. “Order Defined in the Process of Its Emergence.” The Literature of Liberty 5:5.
Buchanan, James M. 1985. “The Potential for Tyranny in Politics as Science.” In Liberty, Market and State, by Buchanan, J. M.. New York: New York University Press, pp. 40–54.
Buchanan, James M. 1987. “L. S. E. Cost Theory in Retrospect.” In Economics: Between Predictive Science and Moral Philosophy, by Buchanan, J. M.. College Station: Texas A&M University Press, pp. 141–51.
Fehl, Ulrich. 1986. “Spontaneous Order and the Subjectivity of Expectations: A Contribution to the Lachman-O'Driscoll Problem.” In Subjectivism, Intelligibility, and Economic Understanding, ed. Kirzner, I. M.. New York: New York University Press, pp. 72–86.
Hayek, Friedrich A. 1978. “Competition as a Discovery Procedure.” In New Studies in Philosophy, Politics, Economics, and the History of Ideas, by Hayek, F. A.. Chicago: The University of Chicago Press, pp. 179–90.
Joyce, James. 1960. Ulysses. London: Bodley Head.
Kirzner, Israel M. 1985. Discovery and the Capitalist Process. Chicago: The University of Chicago Press.
Kirzner, Israel M.. 1989. Discovery, Capitalism, Distributive Justice. New York: Basil Blackwell.
Lachmann, Ludwig M. 1976. “From Mises to Shackle: An Essay on Austrian Economics and the Kaleidic Society.” Journal of Economic Literature 14:54–62.
Lachmann, Ludwig, M. 1977. “Professor Shackle on the Economic Significance of Time.” In Capital, Expectations, and the Market Process, by Lachmann, L. M.. Kansas City, MO: Sheed Andrews and McMeel, pp. 81–93.
Littlechild, Stephen C. 1979. “Comment: Radical Subjectivism or Radical Subversion.” In Time, Uncertainty and Disequilibrium: Exploration of Austrian Themes, ed. Rizzo, M.. Lexington, Mass.: Lexington Books, pp. 32–49.
Littlechild, Stephen C. 1983. “Subjectivism and Method in Economics.” In Beyond Positive Economics, ed. Wiseman, J.. London: Macmillan, pp. 38–49.
Littlechild, Stephen C. 1986. “Three Types of Market Process.” In Economics as a Process – Essays in the New Institutional Economics, ed. Richard, N. Langlois. Cambridge: Cambridge University Press, pp. 27–39.
Mayr, Ernst. 1982. The Growth of Biological Thought: Diversity, Evolution, and Inheritance. Cambridge, Mass.: Harvard University Press.
Mirowski, Philip. 1990. “From Mandelbrot to Chaos in Economic Theory.” Southern Economic Journal 57:289–307.
O'Driscoll, Gerald P., and Mario, J. Rizzo. 1985. The Economics of Time and Ignorance. New York: Basil Blackwell.
Polanyi, Michael. 1951. The Logic of Liberty. Chicago: The University of Chicago Press.
Popper, Karl R. 1957. The Poverty of Historicism. Boston: The Beacon Press.
Popper, Karl R.. 1982. The Open Universe: An Argument for Indeterminism. Totowa, N.J.: Rowan and Littlefield.
Prigogine, Ilya. 1985. “New Perspectives on Complexity.” In The Science and Praxis of Complexity, by Aida, S.., Tokyo: The United Nations University, pp. 107–18.
Prigogine, Ilya. 1986. “Science, Civilization and Democracy.” Futures 18:493–507.
Prigogine, Ilya, and Stengers, Isabelle. 1984. Order out of Chaos: Man's New Dialogue with Nature. Toronto: Bantam Books.
Radzicki, Michael J. 1990. “Institutional Dynamics, Deterministic Chaos, and Self-organizing Systems.” Journal of Economic Issues 24:57–102.
Shackle, G. L. S. 1979. Imagination and the Nature of Choice. Edinburgh: Edinburgh University Press.
Shackle, G. L. S. 1981. “Comments.” In Subjectivist Economics: The New Austrian School, by Shand, A. H.. Oxford: The Pica Press, pp. 59–67.
Shackle, G. L. S. 1983. “The Bounds of Unknowledge.” In Beyond Positive Economics, ed. Wiseman, J.. London: Macmillan, pp. 28–37.
Tullock, Gordon (editor). 1983. The Simons' Syllabus, by Simons, Henry Calvert. Blacksburg: Virginia Polytechnic Institute and State University.
Vaughn, Karen I. 1990. “Profits, Alertness and Imagination” (review of I. M. Kirzner's Discovery, Capitalism, and Distributive Justice). Journal des Economistes et des Etudes Humaines 1:183–8.
Wicken, Jeffrey S. 1987. Evolution, Thermodynamics, and Information: Extending the Darwinian Paradigm. Oxford: Oxford University Press.
Wiseman, Jack. 1989. Cost, Choice, and Political Economy. Aldershot: Edward Elgar.
Wiseman, Jack. 1990. “Principles of Political Economy: An Outline Proposal, Illustrated by Application to Fiscal Federalism.” Constitutional Political Economy 1:101–27.
Witt, Ulrich. 1985. “Coordination of Individual Economic Activities as an Evolving Process of Self-Organization.” Economie Appliquée 37:569–95.
Cancel
Confirm
×